City passes on Cascade Galleria bid
Apr. 30—The City of New Castle will not place a bid on the Cascade Galleria during its auction this week after all.
During a special meeting Monday, New Castle City Council unanimously agreed to decline bidding on the property.
The motion would have authorized city officials to register a bid on the property and authorize a payment of 10 percent of any bid submitted — up to a maximum bid of $3 million.
Council and members of the Citywide Development Corporation discussed the matter in an executive session that lasted more than 30 minutes. The public meeting reconvened to hear all six councilmen and Mayor Mark Elisco vote against placing a bid.
"After much consideration, they have decided they will not be placing a bid on the Cascade Galleria," Solicitor Ted Saad read from a statement. "The timing of the property availability, both groups believed that the idea warranted a discussion on whether to pursue this property at this time, and that's why the special meeting was scheduled with the executive session first. The public portion of the meeting was to discuss the idea in the event the two groups decided to move forward after the executive discussion and have a public comment regarding financials. New Castle City Council and the Citywide Development Corporation look forward to continue having these discussions regarding opportunities and future projects."
The mall at 100 S. Jefferson St. is up for auction through Wednesday, according to an online listing at Ten-X.com. The starting bid is $1 million and includes the mall building, a building housing Adagio Health, the Beer 4 Less building and a front building including both parking lots.
Mark Hutton, of Cincinnati, Ohio, and his Cascade New Castle LLC, purchased the property on Jan. 2, 2020, for $2,225,000.
The plaza buildings are valued at $1,406,500, while the parking lots are valued at $261,900, according to online Lawrence County assessment records.
The 228,703-square-foot mall building was built in 1969 and renovated in 2003, according to the listing.
